Short Interest in Royal Bank Of Canada (NYSE:RY) Drops By 29.9%

Key Points

• Short interest for the Royal Bank Of Canada (NYSE:RY) decreased by 29.9% in September, totaling 4,670,000 shares, which is approximately 0.3% of its shares short sold.
• Several institutional investors significantly increased their holdings in RY, with Sunbelt Securities Inc. raising its position by 2,272.7% during the first quarter.
• Royal Bank Of Canada is expected to report an earnings per share (EPS) of 9.16 for the current year, following a recent quarter where it exceeded estimates with an EPS of $2.79.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 4,670,000 shares, a drop of 29.9% from the August 31st total of 6,660,000 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,090,000 shares, the short-interest ratio is currently 4.3 days. Based on an average daily trading volume, of 1,090,000 shares, the short-interest ratio is currently 4.3 days. Approximately 0.3% of the shares of the stock are short sold.

Hedge Funds Weigh In On Royal Bank Of Canada

Several institutional investors and hedge funds have recently made changes to their positions in RY. Sunbelt Securities Inc. lifted its position in shares of Royal Bank Of Canada by 2,272.7% during the 1st quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 250 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Royal Bank Of Canada in the first quarter worth $32,000. Cullen Frost Bankers Inc. raised its position in shares of Royal Bank Of Canada by 295.4% during the first quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock worth $39,000 after acquiring an additional 257 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Royal Bank Of Canada in the 1st quarter valued at $45,000. Finally, Roxbury Financial LLC lifted its stake in shares of Royal Bank Of Canada by 44.3% in the 2nd quarter. Roxbury Financial LLC now owns 339 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 45.31% of the company's stock.

Analyst Ratings Changes

RY has been the subject of a number of research analyst reports. Cowen restated a "hold" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Wall Street Zen upgraded Royal Bank Of Canada from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Argus lifted their target price on shares of Royal Bank Of Canada from $140.00 to $162.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 15th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $177.50.

Royal Bank Of Canada Price Performance

RY opened at $146.95 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. Royal Bank Of Canada has a 52 week low of $106.10 and a 52 week high of $149.26. The firm has a market capitalization of $206.52 billion, a PE ratio of 15.52, a P/E/G ratio of 1.49 and a beta of 0.86. The company has a fifty day moving average price of $140.52 and a two-hundred day moving average price of $129.50.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data on Wednesday, August 27th. The financial services provider reported $2.79 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.43. Royal Bank Of Canada had a net margin of 14.03% and a return on equity of 16.12%. The business had revenue of $12.26 billion for the quarter, compared to analyst estimates of $16.03 billion. During the same period last year, the business posted $3.26 earnings per share. The firm's quarterly revenue was up 16.1% on a year-over-year basis. As a group, analysts anticipate that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

About Royal Bank Of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

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